Sir Ralph Norris quits Commonwealth Bank of Australia

Ralph Norris

New Zealander Sir Ralph Norris will retire as chief executive of Commonwealth Bank of Australia, parent of ASB, in November.

His replacement comes from inside the bank – group executive, business and private banking Ian Narev.

In a statement to the Australian Stock Exchange, the bank’s chairman David Turner said it was recognised by Mr Norris and the board that it was the right time to appoint the next chief executive.

“On behalf of the board I want to thank Ralph for being an outstanding and fearless chief executive who has made a real contribution not just to banking but to the Australian and New Zealand communities,” said Mr Turner. 

The former Air New Zealand boss almost doubled his total pay packet to A$16.2 million last year, making him Australia's highest-paid executive and sparking outcry across the Tasman as the public bank-bashing mood escalated.

During his six years in the role Sir Ralph helped steer Australia's largest bank through the tumultuous global financial crisis and its purchase of BankWest for just over $2 billion.

His replacement Mr Narev, 44, was previously a partner at McKinsey & Co and headed the consulting firm’s New Zealand office before joining the Commonwealth Bank of Australia.

He will be paid a fixed salary of $2.5 million, with potential for that to triple under incentive targets.

One Kiwi leaves, another arrives
Sir Ralph's' departure came as another New Zealand expat, Andy Lark, joined the bank's executive team.

Mr Lark started at CBA on July 1 as chief marketing officer. He arrived from Dell in the US where he was vice president of global sales for the company's enterprise division.

This article is tagged with the following keywords. Find out more about My Tags

Post Comment

12 Comments & Questions

Commenter icon key: Subscriber Verified

Hopefully Ralph will come back to Auckland and get involved on some boards and projects that help NZ Inc - we need his skills right now

Reply
Share

Great to see another Kiwi taking the healm

Reply
Share

The perfect role for him and NZ Inc would be if he would becomr MD of the NZX. NZX need a person to focus on customer relationships, a person with people and team building skills, and a person with whiter than white integrity and vision - Sir Ralph fits the bill for all these skills.

Reply
Share

Absolutely agree

Reply
Share

Move over John Key...
This could be bigger than you think!!!

Reply
Share

Will he get a list place with Act?

Reply
Share

Give the man a break! He is not likely to want to be associated with such a shonky outfit like Act. I don't think Sir Ralph will want to get into politics with the problems confronting NZ just now.

Reply
Share

"And the federal government treasurer (Aus)called him a "throwback, to the arrogant, aloof, patrician banker of old".

Yeh guys....just what we need

Reply
Share

This is the same guy that lost the Americas cup and was more than happy to accept jollys in exchange for business deals. Keep him in Australia where he belongs

Reply
Share

The guys a legend! We need more like him. Adding value and kicking goals

Reply
Share

Good Luck with Andy Lark. He got nothing done at Dell

Reply
Share

The best and most honest banker NZ ever produced!

Reply
Share

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.8012 0.0052 0.65%
AUD 0.9077 0.0006 0.07%
EUR 0.6252 0.0028 0.45%
GBP 0.4952 0.0024 0.49%
HKD 6.2173 0.0415 0.67%
JPY 85.2240 0.1390 0.16%

Commods

Commodity Price Change Time
Gold Index 1244.2 5.700 2014-10-20T00:
Oil Brent 85.4 -0.760 2014-10-20T00:
Oil Nymex 82.8 -0.040 2014-10-20T00:
Silver Index 17.3 0.020 2014-10-20T00:

Indices

Symbol Open High Last %
NZX 50 5197.9 5238.9 5197.9 0.68%
NASDAQ 4254.2 4316.9 4258.4 1.35%
DAX 8819.3 8834.7 8850.3 -1.50%
DJI 16373.1 16401.6 16380.4 0.12%
FTSE 6310.3 6320.3 6310.3 -0.68%
HKSE 23073.4 23231.5 23070.3 -0.25%
NI225 15115.3 15115.3 15111.2 -1.66%